MFA Oil to buy site of failed sweetener factory Mamtek
By Belo Content KMOV
Bruce Cole was charged Tuesday with theft and securities fraud in Missouri for using bond revenues to avoid foreclosure on his Beverly Hills, Calif., home and for failing to tell the truth about the company’s troubled operations. By Belo Content KMOV
MOBERLY, Mo. -- MFA Oil Co. says it plans to buy the 33-acre site in Moberly where Mamtek U.S. planned to build an artificial sweetener plant before that company collapsed.
The Columbia Daily Tribune reports MFA Oil announced Tuesday that it has a contract to buy the land and its half-constructed buildings from UMB Bank. The bank forced Mamtek into bankruptcy after the company defaulted on bonds.
MFA—a farmer-owned co-op based in Columbia—says a bankruptcy court has approved the sale, but spokesman Tom May declined to release the sale price.
May says MFA Oil has no specific plans for the property but likes its proximity to U.S. 63.
Mamtek’s collapse was financial blow for Moberly, which issued $39 million in industrial revenue bonds to finance the construction.